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Home My WebLink About1997-R-31RESOLUTION RESOLUTION APPROVING STATEMENT OF BENEFITS FOR PURPOSES OF PROPERTY TAX ABATEMENT WHEREAS, Kellems & Coe Tool Corp. (the ~'Applicant"), has petitioned the Co.nm).~on Council of the City of Jeffersonville, Indiana, for a deduction in personal property taxes to be · assessed on proposed improvements to be made on properties located at the North Port Business Park in the City of Jeffersonville, Clark County, Indiana; and WHEREAS, the Applicant has submitted an application which includes the Statement of Benefits on the form prescribed by the Indiana State Board of Tax Commissioners for such purpose, which application and statement include a description of the proposed redevelopment, an estimate of the number of individuals who will be employed as a result of the redevelopment, an estimate of the annual salaries of these individuals, and an estimate of the value of the redevelopment, attached hereto as Exhibit "A"; and WHEREAS, the Common Council of the City of Jeffersonville has previously determined that the area where the proposed redevelopment project is located in the City of Jeffersonville is an Economic Revitalization Area pursuant to Indiana Code 6-I. l-12.1 et seq., Resolution 97-R-I 0 and Confirming Resolution 97-R-14; and WHEREAS, the City's Department of Redevelopment has reviewed the application and Statement of Benefits submitted by the Applicant and has advised the Common Council that the application has been submitted in compliance with the approved Tax Abatement Policy of the Common Council of the City of Jeffersonville. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Jeffersonville, Indiana, that it specifically and affirmatively finds as follows: 1. That the estimate of the value of the redevelopment is reasonable for projects of the nature described in the Statement of Benefits submitted by the Applicant. 2. That the estimate of the number of individuals who will be employed or whose employment will be retained can reasonably be expected to result from the proposed described redevelopment. 3. That the estimate of the annual salaries of those individuals who will be employed or whose employment will be retained can be reasonably expected to result from the proposed described redevelopment. Resolution No. 97-R:~ / Page 2 4. That all other information requested from the Applicant has been submitted, and the benefits described in such information can be reasonably expected to result from the proposed described redevelopment. 5. That the totality of benefits for said redevelopment is sufficient to justify the deduction. BE IT FURTHER RESOLVED, that the Common Council of the City of Jeffersonville hereby approves the application and Statement of Benefits as presented and filed by the Applicant, and that said Applicant shall be entitled to deductions for a period of 7'"~-.d' ([O) years for equipment and machinery pursuant to IC 6-1. I - 12.1-4.5, with the timely filing and perfection thereof with the Clark County Auditor's office. Passed and adopted this fifth day of May, 1997~/1~y the Common Council of the City of Jeffersonville, Clark County, Indiana. Thomas R. Galligar~, Pres'idChg O~er ATTES/~ , C. Richard Spencer, Jr.¢lerk agd'Treasurer Prese/~ted by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville, Indiana, this 4day of May, 1997. Gl RicHard Spencer, Jr.~_,~lerk and~rreaSurer Approved and signed by me this ~g C:\Corel\OfficeV\WPWinV~TAX\SB APPROVAL RES KC.wpd STATEMENT OF BENEFITS FORM State Form 27167 (R3 / 11-91} sa - 1 Form SB - 1 is presc~bed by the State Board of Tax Commissioners, 1989 The records in this sehes are CONFIDEN13AL according to lC 6-1.1-35-6 INSTRUCTIONS: This statement must be submitted to the t~dy designating the economic revitilizetion area prior to the public hearing if the designating body requires infor- which the person wisl~es to claim a dequct~on. A statement of benefits ;s not required if the area was deslgnated an ERA pnor to July 1, 198/a d t ~jur~yj~* wa~ ~lanned and commitled to by the applicant, and approved by the des~gnaling body, prior to that date. "Projects · planneq or committed to after 1.--'19~-7-[t~d areas designated after J'uly 1, 1987 require a STATEMENT OF BENEFITS. (lC 6-1.1.12.1) 2. Approval of the designating body (City Council, Town Board, County Council, etc.) must be obtained prior to initiation of the redevelopment or rehabilitation, or prior to installation of the new manufacturing equipment, BEFORE a deduction may be appfove~. 3. To obtain a deduction, Form 322 ERA, Real Estate Improvements and / or Form 322 ERA / PR New Machinery, must be filed w~ the counS' audflor. With respect to real property, Form 322 ERA must be filed by the later of: (I) May I0; or (2) thirty (30) days after a notice of increase in real properly assessment is recea, ed from the township assessor.: . Form 322. ERA/PP must b~ flied.between M, arc~, .1 .and M~,a.y 15 ~f th~ asse~ Yeefo~rrr~n~e~v~ee~e~a~nlUfaar~ 4. Property owners whose Statement of Beneflts was approved after July 1, 1991 must submit Form CF- I annually to show compliance with the Statement of Benefits, (lC 6-1.1.12.1-5.6) Name of taxpayer Kellems & Coe Tool Corp. Address of taxpayer (street and number, ci~ sta~ and ZIP code) 1636 Production Road, Jeffersonville, IN 47130 Name of contact person Telephone number Carolyn Coe, Secretary (812) 283-4435 ~' i Resolubon numper Name ct designating bo~y 97 - R - ~ ~ Jeffersonville City Council Locatio~ ot pro~ ~' ::~ ~'~ ~ ~ ~ . ~ Cou~ ....... ~ T~ing ~[,~ ...... .. -' North Port Business Center Clark Jeff ~nofre~p~imp~eme~lorn~m~a~nng~uipmemto~a~uir~(use~fi~,~al ~[~,,~ ~9~ ~ ~ n~) Lease of 40,000 sq. foot building to be used for making 9/97 plastic injection molds, mold repair, and light machining.E~t~m~°n~e New machinery will be purchased and added to new location. 9/98 Current number Sata~es Number retaine~ Saiade$ ~ Number addRionm SeJafies t 49 1,605,422.55 49 I 1,605,422.5~ 10 208,000 COSt A~ Value Ceet Assessed Value Current veJues 2 , 000,000 · 00 Plus e~i~,,a;ed values of propesed projec~ 300 r 000.00 Less values of any property being re04aced - 0 - Net estimated vaJues uoon ¢om~!eti~ of proiect I hereby cert~y that the representations in this statement are true. T~le J Date signed (month, day, year) Secretary 4/ /~- /97 We have reviewed our prior actions relating to the designation of this ~con°mic revitalization area and find that the applicant hi'ets the general standards adopted in the resolution previously approved by this body. Said resolution, passed under lC 6-1.1-12.1-2.5, pro- vides for the following limitations as authorized under lC 6-1.1-12.1-2. A. The designated area has been limited to a period of time not to exceed calendar years * (see below). The date this designation expires is B. The type of deduction that is allowed in the designated area is limited to: 1. Redevelopment or rehabilitation of real estate improvements; [] Yes [] No 2. Installation of new manufacturing equipment; i"'1 Yes [] No 3. Residentially distressed areas [] Yes [] No C. The amount of deduction applicable for new manufecturing equipment installed and first claimed eligible for deduction after July 1, 1987, is limited to $ cost with an assessed value of $ D. The amount of deduction applicable to redevelopment or rehabilitation in an area designated after September 1, 1988 is limited to $ cost with an assessed value of $ E. Other limitations or conditions (specify) F. The deduction for new manufacturing equipment installed and first claimed eligible for deduction after July 1, 1991is allowed for: [] 5 years [] 10 years Also we have reviewed the information contained in the statement of benefits and find that the estimates and expectations are reason- of benefits is sufficient to justify the deduction described above. Telephone nurhoer Date S~necl (month, ¢tay, year) Designated body · If ~e designating bod~ time period dudng which an area is an economic revitilizatlon area, it does not limit the length of time a taxpayer is entitled to receive a deduction to a number of years designated under lC 6-1.1-12.1-4 or 4.5 Namely: (see tables below) Year of Deduction 1 st Five (5) Year Percentage 100% 95% 80% 65% Ten (10) Year Percentage 100% 95% 90% 85% 5t~ 50% 80% 6th. 70% 7th 9th 30% 1 Off3 ~, 25% 55% 40% Year of I Three (3) Year Six (6) Year Ten (10) Year Deduction Deduction Deduction Deduction 1 St 100% 100% 100% 2nd 66% 85% 95% 3rd 33% 66% 80% 4th 50% 65% 5th 34% 50% 6th 17% 40% 7th 30% 8th 20% 9th 10% 10th 5%